The Chemours Company (CC) 2026 Q2 法說會逐字稿

Good morning. My name is Therese and I will be your conference operator today. I would like to welcome everyone to The Chemours Company's second-quarter 2026 results conference call. (Operator Instructions) I would like to remind everyone that this conference call is being recorded.

早安。我叫 Therese，今天將擔任各位的電話會議接線員。歡迎各位參加 Chemours 公司 2026 年第二季業績電話會議。（接線員指示）提醒各位，本次電話會議將被錄音。

I would now like to hand the conference call over to Brandon Ontjes, Vice President and Head of Strategy and Investor Relations for Chemours. You may begin.

現在我想把電話會議交給 Chemours 策略與投資人關係副總裁暨負責人 Brandon Ontjes。您可以開始了。

Good morning, everybody. Welcome to The Chemours Company's second-quarter 2026 earnings conference call. I'm joined today by Denise Dignam, Chemours' President and Chief Executive Officer; and our Senior Vice President and Chief Financial Officer, Shane Hostetter.

各位早安。歡迎參加 Chemours 公司 2026 年第二季財報電話會議。今天與我一同出席的有 Chemours 總裁兼執行長 Denise Dignam，以及資深副總裁兼財務長 Shane Hostetter。

Before we start, I would like to remind you that comments made on this call, as well as the supplemental information provided on our website, contain forward-looking statements that involve risks and uncertainties as described in Chemours' SEC filings. These forward-looking statements are not guarantees of future performance and are based on certain assumptions and expectations of future events that may not be realized. Actual results may differ and Chemours undertakes no duty to update any forward-looking statements as a result of future developments or new information.

在開始之前，我想提醒各位，本次電話會議中的評論以及我們網站上提供的補充資訊，均包含前瞻性陳述，並涉及 Chemours 向美國證券交易委員會（SEC）申報文件中所述的風險與不確定性。這些前瞻性陳述並非對未來績效的保證，且係基於對未來事件的若干假設與預期，而這些事件可能無法實現。實際結果可能有所不同，且 Chemours 不承擔因未來發展或新資訊而更新任何前瞻性陳述之義務。

During this call, we refer to certain non-GAAP financial measures that we believe are useful to investors evaluating the company's performance. A reconciliation of non-GAAP terms and adjustments is included in our press release issued yesterday evening. Additionally, we posted our earnings presentation on our website yesterday evening as well.

在本次電話會議中，我們將提及若干非 GAAP 財務衡量指標，我們認為這些指標有助於投資人評估公司的表現。非 GAAP 項目與調整的對帳表已包含於我們昨晚發布的新聞稿中。此外，我們也已於昨晚將財報簡報上傳至公司網站。

With that, I will turn the call over to Denise Dignam.

接下來，我把電話會議交給 Denise Dignam。

Thank you, Brandon, and thank you everyone for joining us this morning. On today's call, I'll start with highlights from our recent performance, then turn it over to Shane to walk through our outlook for the third quarter and the balance of 2026. After that, I'd like to share my reflections as we've reached our halfway point under Pathway to Thrive and discuss the opportunities ahead before we open the line for your questions.

謝謝你，Brandon，也謝謝各位今天早上加入我們。在今天的電話會議中，我將先分享近期表現的重點，接著交由 Shane 說明我們對第三季以及 2026 年剩餘期間的展望。之後，在我們於「Pathway to Thrive」推動計畫進行到一半之際，我也想分享一些心得並討論未來的機會，然後再開放各位提問。

For the second quarter, our results reflect disciplined commercial execution, continued pricing actions, and progress against our priorities across all three businesses. Net sales were slightly below expectations, primarily due to softer residential stationary AC demand in Thermal and Specialized Solutions. However, pricing improved across all our businesses, including continued execution in Titanium Technologies.

就第二季而言，我們的結果反映出嚴謹的商業執行、持續的價格調整，以及三大事業在各項優先事項上的進展。淨銷售略低於預期，主要是因 Thermal and Specialized Solutions 事業中住宅用固定式空調需求較疲弱所致。不過，我們所有事業的定價皆有所改善，包括 Titanium Technologies 持續落實的定價執行。

Adjusted EBITDA exceeded expectations, supported by stronger operational performance and an improved product mix in Advanced Performance Materials, lower corporate costs, and the referenced pricing strength in TT. Importantly, we continue to see tangible evidence that the actions we are taking under Pathway to Thrive are strengthening the business.

調整後 EBITDA 優於預期，主要受惠於 Advanced Performance Materials 更強的營運表現與更佳的產品組合、較低的公司層級成本，以及前述 TT 的定價強勢。重要的是，我們持續看到具體證據顯示，在「Pathway to Thrive」之下所採取的行動正強化公司體質。

In TT, we announced an additional global TiO2 price increase effective June 1, building on prior pricing actions and supporting local price increases of approximately 5% year to date. Separately, in APM's Performance Solutions portfolio, net sales grew 8% year-over-year, underscoring the momentum we are building in the high-value specialty applications for data center and semiconductor end markets as we fulfill a backlog of existing orders.

在 TT 方面，我們宣布自 6 月 1 日起再度調升全球 TiO2 價格，延續先前的定價行動，並支持今年迄今各地區約 5% 的在地價格上調。另外，在 APM 的 Performance Solutions 產品組合中，淨銷售年增 8%，凸顯我們在資料中心與半導體終端市場的高價值特殊應用領域所累積的動能，並在履行既有訂單積壓的同時持續推進。

More recently, we also recorded nominal sales of two-phase liquid cooling products for sampling across two-phase applications with several customers. These early sales support continued progress through product trials, which have increased 70% year over year while reinforcing the relevance of our innovation pipeline in attractive growth markets.

近期，我們也在多家客戶的兩相應用情境中，記錄到用於取樣的兩相液冷產品之少量銷售。這些早期銷售支持我們在產品試用（trial）上的持續進展；產品試用次數年增 70%，同時也強化我們創新產品管線在具吸引力成長市場中的相關性。

As an indication of the momentum in this space, recent research from the Uptime Institute, an industry-leading authority on data center infrastructure and operations, identified a growing share of operators evaluating two-phase systems for future deployments as AI-driven compute demands accelerate the shift toward liquid cooling.

作為此領域動能的指標，產業領先的資料中心基礎設施與營運權威機構 Uptime Institute 的最新研究指出，隨著 AI 驅動的運算需求加速推動向液冷轉移，評估未來部署兩相系統的營運商占比正在上升。

Additionally, we continue to strengthen Chemours' financial position through strong cash generation and disciplined capital allocation, enabling further debt reduction and enhancing our financial flexibility. We also made notable progress resolving legacy litigation, as demonstrated by our recent settlements with the US EPA and the West Virginia Department of Environmental Protection.

此外，我們透過強勁的現金創造能力與嚴謹的資本配置，持續強化 Chemours 的財務狀況，進一步降低負債並提升財務彈性。我們在解決歷史訴訟方面也取得顯著進展，近期與美國環保署（US EPA）及西維吉尼亞州環境保護署達成和解即為明證。

Collectively, these actions represent important steps to de-risk the balance sheet, improve leverage, and cash position while enabling Chemours to invest with discipline in opportunities that support long-term value creation.

綜合而言，這些行動是降低資產負債表風險、改善槓桿與現金部位的重要步驟，同時也使 Chemours 能以嚴謹的方式投資於支持長期價值創造的機會。

Now let me expand on the quarter's business activities. Our TSS business delivered solid second-quarter results. Net sales were slightly down versus the prior-year quarter, driven by lower volumes from reduced aftermarket sales of Opteon blends in North America, while Opteon OEM volumes saw growth year over year in addition to continued growth in the data center end markets.

接下來我將進一步說明本季各事業的活動。我們的 TSS 事業在第二季交出穩健的成果。淨銷售較去年同期略為下降，主要因北美 Opteon 混配產品售後市場銷售下滑導致出貨量降低；同時，Opteon OEM 出貨量年增，且資料中心終端市場亦持續成長。

In the second quarter, that volume pressure was partially offset by higher pricing supported by strength in Freon refrigerants, primarily in automotive applications. It's important to note that the prior-year quarter benefited from advanced demand tied to the initial aftermarket channel fill associated with the stationary AC transition under the US AMAC.

第二季的出貨量壓力部分被較高的售價所抵銷，定價提升主要受惠於 Freon 冷媒的強勢需求，尤其是在汽車應用方面。需要注意的是，去年同期受惠於美國 AMAC 下固定式空調轉換所帶動的提前需求，與售後通路初期鋪貨（channel fill）相關。

Given our advantaged position in the market, Chemours moved quickly to help ensure distributors and technicians were well supplied to support the new equipment installations. As a result of the initial channel fill, aftermarket customers built additional inventory, creating an oversupplied channel heading into 2026.

鑑於我們在市場上的優勢地位，Chemours 迅速採取行動，協助確保經銷商與技術人員供貨充足，以支援新設備安裝。由於初期通路鋪貨，售後市場客戶建立了額外庫存，使得通路在進入 2026 年時呈現供給過剩。

Today, while we continue to see strength in the OEM market, the aftermarket is working through elevated inventory levels. At the same time, residential demand is being pressured by higher interest rates, affordability challenges, and a slower housing market. Together, these factors weighed on second-quarter order activity and may continue to drive destocking as we move through the year.

目前，雖然我們仍看到 OEM 市場維持強勁，但售後市場正在消化偏高的庫存水位。同時，住宅需求受到較高利率、負擔能力挑戰以及房市放緩的壓力影響。綜合而言，這些因素壓抑了第二季的接單活動，並可能在今年剩餘期間持續推動去庫存。

Looking ahead, we would expect the aftermarket to begin normalizing as inventory levels are reduced and seasonal restocking begins ahead of next year's polling season. Adjusted EBITDA for TSS increased year over year with margins also expanding.

展望未來，隨著庫存水位下降且在明年旺季前開始進行季節性補庫，我們預期售後市場將逐步回歸正常。TSS 的調整後 EBITDA 年增，利潤率亦同步擴張。

This improvement was driven by higher pricing and benefited from the timing of certain costs in the quarter. Overall, TSS continues to demonstrate the value of disciplined commercial execution and strong margin performance even while facing some near-term weakness in the stationary aftermarket.

此改善主要由較高的售價所帶動，並受惠於本季部分成本發生時點的影響。整體而言，即便固定式售後市場短期偏弱，TSS 仍持續展現嚴謹商業執行與強勁利潤表現的價值。

In Titanium Technologies, the team continued to execute well in a challenging and inflationary market environment. Second-quarter net sales increased slightly versus the prior year quarter, driven primarily by global pricing strength.

在 Titanium Technologies 方面，團隊在充滿挑戰且通膨壓力的市場環境中持續良好執行。第二季淨銷售較去年同期小幅增加，主要由全球定價強勢所帶動。

Pricing increased across all regions, reflecting the discipline and consistency of our commercial pricing approach in light of a dynamic demand environment. Volumes were lower across key end markets with the exception of Asian markets, excluding China and Latin America, where demand remained more resilient in connection with recent anti-dumping duties in Brazil.

各地區價格皆上升，反映在需求環境多變之下，我們商業定價策略的紀律與一致性。除亞洲市場（不含中國）與拉丁美洲外，主要終端市場的出貨量皆較低；在巴西近期反傾銷關稅的影響下，相關地區需求相對更具韌性。

Adjusted EBITDA for TT also improved year over year, while adjusted EBITDA margin was flat. The increase was primarily driven by the global pricing strength noted earlier, partially offset by higher costs from inflation. Importantly, our performance shows that even as inflation continues to pressure the cost structure, the business is responding with strong commercial execution and disciplined cost management, outpacing any inflationary headwinds.

TT 的調整後 EBITDA 亦較去年同期改善，而調整後 EBITDA 利潤率持平。增幅主要由前述全球定價強勢所驅動，但部分被通膨帶來的成本上升所抵銷。重要的是，我們的表現顯示，即便通膨持續對成本結構造成壓力，事業仍以強勁的商業執行與嚴謹的成本管理作出回應，並超越任何通膨逆風。

We have now announced three TiO2 price increases since December 2025, including our most recent global increase effective June 1. Together, these actions have contributed to an approximately 5% year-to-date price increase relative to where we started the year.

自2025年12月以來，我們已宣布三次TiO2漲價，包括最近一次自6月1日起生效的全球性漲價。綜合而言，這些措施使年初至今的價格相較於年初起點約提高了5%。

As we look ahead, our team remains agile and responsive with an optimized manufacturing circuit that enhances efficiency and flexibility, enabling us to adjust production levels to meet demand while continuing to deliver outstanding service and quality for our customers. This combination of disciplined pricing, operational flexibility and customer focus positions TT to manage your dynamic environment and capture value as opportunities emerge.

展望未來，我們的團隊將持續保持敏捷與快速回應，透過最佳化的製造迴路提升效率與彈性，使我們能依需求調整產量，同時持續為客戶提供卓越的服務與品質。這種嚴謹的定價、營運彈性與以客戶為中心的組合，使TT得以在您多變的環境中有效應對，並在機會浮現時掌握價值。

In APM, second-quarter net sales were down versus the prior year quarter, primarily driven by lower volumes associated with the SPS Capstone line closure completed in the third quarter of 2025. This is partially offset by higher pricing in the business.

在APM方面，第二季淨銷售額較去年同期下降，主要是由於與SPS Capstone產線關閉（已於2025年第三季完成）相關的出貨量降低所致。此影響部分被業務較高的定價所抵銷。

Adjusted EBITDA declined year over year, reflecting the lower sales volumes from the line closure as well as higher costs tied to the now-resolved Washington Works outage. Notably, we continue to see strong momentum in the Performance Solutions portfolio where net sales increased 8% year over year.

調整後EBITDA年減，反映產線關閉導致的銷售量下降，以及與現已解決的Washington Works停機事件相關的成本上升。值得注意的是，我們在Performance Solutions產品組合仍持續展現強勁動能，淨銷售額年增8%。

Order book strength is driven by long-term sustainable demand tailwinds in data center and semiconductor end markets, where our specialty products play an important role in supporting complex and high-performance applications. Performance Solutions is becoming a larger part of APM's portfolio, reinforcing our focus on higher-value markets with stronger growth and margin potential.

訂單簿的強勁主要受資料中心與半導體終端市場長期且可持續的需求順風所驅動；在這些市場中，我們的特用產品在支援複雜且高效能的應用方面扮演重要角色。Performance Solutions正成為APM產品組合中更大的一部分，進一步強化我們聚焦於更高價值、具更強成長與毛利潛力市場的策略。

As a point of emphasis, our exposure to high-growth markets is expanding across Chemours. Sales into data center, semiconductor, AI, and advanced electronics end markets now represent a high single-digit percentage of total sales across APM and TSS, supported by strong demand for differentiated solutions in both businesses.

特別強調的是，我們在高成長市場的曝險正於Chemours全公司範圍內擴大。目前，銷售至資料中心、半導體、AI與先進電子等終端市場的營收，已占APM與TSS合計總銷售額的高個位數百分比，並受到兩項業務對差異化解決方案的強勁需求所支撐。

Within Performance Solutions, more than 40% of sales are focused on these targeted markets where we see durable demand trends and robust growth potential in the years ahead. Importantly, this does not include the investments we are making in liquid cooling and next-generation refrigerants, which we believe will further expand our participation in these attractive growth platforms.

在Performance Solutions內部，超過40%的銷售聚焦於這些目標市場；我們預期未來數年這些市場將呈現持久的需求趨勢與強勁的成長潛力。重要的是，這尚未包含我們在液冷與下一代冷媒方面的投資；我們相信這些投資將進一步擴大我們在這些具吸引力的成長平台中的參與度。

Collectively, these dynamics position Chemours to participate more meaningfully in high-value applications that we believe can become a meaningful driver of overall earnings over time.

整體而言，這些動態使Chemours能更有意義地參與高價值應用；我們相信，隨時間推進，這些應用可成為整體獲利的重要驅動力。

With that, I'll turn it over to Shane to walk through our third-quarter guide and our updated outlook for the full-year 2026. Shane?

接下來，我將交給Shane，請他說明我們的第三季指引以及更新後的2026全年展望。Shane？

Thank you, Denise, and good morning, everyone. As shared in the earnings materials available on our Investor website, I would now like to discuss our expectations for the third quarter and the remainder of the year as we look ahead.

謝謝你，Denise，各位早安。如同我們在投資人網站所提供的財報資料中所分享的，接下來我想在展望未來之際，說明我們對第三季以及今年剩餘期間的預期。

Beginning with TSS, for the third quarter, we expect TSS's net sales to decline sequentially from the mid-teens to 20%. While we continue to see stability in overall OEM sales, we anticipate softer residential and light commercial aftermarket demand for our Opteon blends during the third quarter in connection with destocking trends in the aftermarket and broader macroeconomic uncertainty.

先從TSS開始，第三季我們預期TSS淨銷售額將較前一季下滑約中十位數至20%。雖然我們仍看到整體OEM銷售維持穩定，但我們預期第三季Opteon混配冷媒在住宅與輕型商用售後市場的需求將轉弱，原因與售後市場去庫存趨勢及更廣泛的總體經濟不確定性有關。

Also, consistent with our end-market concentration, we expect seasonality as we progress through the Northern Hemisphere's cooling season. For the third quarter, we expect TSS's adjusted EBITDA to be between $125 million and $140 million, which considers seasonality as well as a less favorable mix from lower Opteon aftermarket sales.

此外，基於我們終端市場的集中度，隨著北半球冷房季節推進，我們也預期會出現季節性影響。第三季我們預期TSS調整後EBITDA介於1.25億至1.40億美元之間，已考量季節性因素，以及因Opteon售後市場銷售較低而帶來較不利的產品組合。

Longer-term, as seasonal restocking occurs in the aftermarket and the installed OEM base in residential and light commercial systems continue to expand in North America, we expect the business to return to GDP plus growth. That growth should also be supported by continued heat pump adoption in Europe as well as rising global demand for data center chiller applications.

從較長期來看，隨著售後市場出現季節性補庫存，以及北美住宅與輕型商用系統的既有OEM裝機基數持續擴大，我們預期該業務將回到高於GDP的成長。此成長亦將受歐洲熱泵採用持續提升，以及全球資料中心冷水機（chiller）應用需求上升所支撐。

Overall, despite the softer near-term demand backdrop, we remain confident in the long-term fundamentals of this business, supported by our advantaged market position with OEMs and aftermarket distributors, regulatory tailwinds, and disciplined commercial execution.

整體而言，儘管短期需求背景較疲弱，我們仍對該業務的長期基本面保持信心，這得益於我們在OEM與售後通路商中的優勢市場地位、法規順風，以及嚴謹的商業執行。

Going forward, we anticipate the stationary aftermarket to grow annually in the mid to high single-digit percentage range. This, combined with continued advancements in liquid cooling and our next-generation refrigerants, will act as growth catalysts for the future in TSS.

展望未來，我們預期固定式（stationary）售後市場每年將以中至高個位數百分比成長。再加上液冷技術的持續進展與我們的下一代冷媒，將成為TSS未來的成長催化劑。

For our TT business, in the third quarter, we expect TT's net sales to increase sequentially in the low to mid-single-digit percentage range, driven by continued execution of recent pricing announcements or modest year-over-year volume increases. Also, we expect TT's adjusted EBITDA to range between $70 million and $80 million.

至於我們的TT業務，第三季我們預期TT淨銷售額將較前一季增加約低至中個位數百分比，主要由近期漲價公告的持續落實，或年增幅度不大的出貨量提升所帶動。此外，我們預期TT調整後EBITDA介於7,000萬至8,000萬美元。

This expected improvement reflects the momentum we are seeing from our commercial excellence efforts, which have led to realized pricing gains across the business. Importantly, this pricing momentum is more than offsetting the cost and inflationary headwinds the business continues to face.

這項預期改善反映我們在商業卓越（commercial excellence）工作上所看到的動能，並已帶動全業務實現的價格提升。重要的是，這股定價動能已足以抵銷該業務仍持續面臨的成本與通膨逆風。

It also demonstrates the value of our commercial discipline, customer focus and ability to move quickly as market conditions change. While we anticipate some volume-driven seasonality as we exit the year, additionally, we anticipate volumes to be up year over year in the second half across all end markets outside of China. Also, we expect continued cost productivity from operational improvements and broader cost reduction efforts to help keep earnings stable.

這也展現了我們商業紀律、以客戶為中心，以及在市場條件變化時快速行動的能力所帶來的價值。雖然我們預期在年底前會出現部分由出貨量驅動的季節性影響，但我們也預期下半年在中國以外的所有終端市場，出貨量將較去年同期增加。此外，我們預期營運改善與更廣泛的降本措施將持續帶來成本生產力，協助維持獲利穩定。

Longer-term, we remain focused on controlling what we can control. We continue to operate with commercial and operational agility, managing production to demand, optimizing the use of higher cost inventory on hand, which will drive notable earnings and cash flow productivity, and staying disciplined on price to protect value in a dynamic global TiO2 environment.

從較長期來看，我們仍專注於掌控我們能掌控的事項。我們將持續以商業與營運的敏捷性運作，依需求管理產量、最佳化現有較高成本庫存的使用，進而帶動顯著的獲利與現金流生產力，同時在多變的全球TiO2環境中維持嚴謹的價格紀律以保護價值。

Turning now to our APM business. For the third quarter, we expect APM's net sales to increase sequentially in the mid to high single-digit percentage range. This top-line improvement is expected to be driven by a return to normal operating levels at Washington Works, along with continued strength in the Performance Solutions order book.

接著談我們的APM業務。第三季我們預期APM淨銷售額將較前一季增加約中至高個位數百分比。我們預期此營收改善將由Washington Works恢復至正常營運水準所帶動，並搭配Performance Solutions訂單簿的持續強勁。

We expect APM's adjusted EBITDA to be between $20 million and $30 million for the third quarter, which reflects approximately $5 million in performance that was pulled forward into the second quarter given sales timing. Within Performance Solutions, as Denise highlighted, we continue to see strong order book momentum for specialty products that address critical needs across the AI infrastructure ecosystem, including data center and semiconductor applications, which we anticipate will exceed 40% of these sales.

我們預期APM第三季調整後EBITDA介於2,000萬至3,000萬美元，這反映約500萬美元的表現因銷售時點而提前至第二季認列。在Performance Solutions方面，如Denise所強調，我們持續看到特用產品訂單簿的強勁動能，這些產品可滿足AI基礎設施生態系中的關鍵需求，包括資料中心與半導體應用；我們預期這些應用將占該業務銷售額的40%以上。

These end markets are supported by durable demand trends and remain areas where Chemours is well positioned to deliver differentiated material solutions. While broader industrial demand remains mixed, the strength in Performance Solutions reinforces our confidence in APM's path toward higher value growth.

這些終端市場受到持久的需求趨勢支撐，亦是Chemours具備良好定位、能提供差異化材料解決方案的領域。儘管更廣泛的工業需求仍呈現分歧，Performance Solutions的強勁表現強化了我們對APM邁向更高價值成長路徑的信心。

As we move through the balance of the year, we expect operational improvements and continued order book fulfillment in Performance Solutions, which will support anticipated earnings growth beyond the third quarter. Longer-term, we remain focused on shifting our portfolio mix to performance solutions, where we see continued order book strength in high-value data center and semiconductor end markets.

隨著我們走過今年剩餘期間，我們預期營運改善以及Performance Solutions持續履行訂單簿，將支撐第三季之後的預期獲利成長。從較長期來看，我們仍專注於將產品組合結構轉向Performance Solutions；在高價值的資料中心與半導體終端市場中，我們持續看到訂單簿的強勁支撐。

Our ability to continue to drive operational improvements and sharpen our portfolio will increase our earnings opportunities and drive us past our expected $30 million to $40 million adjusted EBITDA range.

我們持續推動營運改善並精煉投資組合的能力，將提升我們的獲利機會，並推動我們超越原先預期的3,000萬至4,000萬美元調整後EBITDA區間。

Looking to our consolidated outlook. We expect third-quarter net sales to range from a decrease of 5% to flat sequentially. This reflects the referenced weaker demand in PSS's stationary aftermarket for Opteon blends, partially offset by continued pricing momentum in TT and sequential sales and cost improvements in APM.

接著看我們的合併展望。我們預期第三季淨銷售額較前一季將介於下滑5%至持平。此反映PSS之Opteon混配產品在固定式售後市場需求轉弱的影響，部分由TT持續的價格動能，以及APM在銷售與成本方面的季比改善所抵銷。

Our consolidated adjusted EBITDA is expected to range between $175 million and $205 million for the third quarter. Corporate expenses are expected to be approximately $40 million to $45 million. We also anticipate capital expenditures to be in the range of $65 million, with free cash flow at least $50 million, reflecting the timing of payments for plant turnaround activities commencing later in the third quarter.

我們預期第三季合併調整後EBITDA將介於1.75億至2.05億美元。公司費用預期約為4,000萬至4,500萬美元。我們亦預期資本支出約為6,500萬美元，自由現金流至少5,000萬美元，反映第三季後段開始進行工廠歲修（turnaround）活動之付款時點。

Turning to the full year, we expect 2026 net sales to grow between 1% and 5% over 2025, with adjusted EBITDA growing to be between $775 million and $825 million. This outlook is supported by pricing momentum and ongoing cost improvements across each of our businesses.

展望全年，我們預期2026年淨銷售額較2025年成長1%至5%，調整後EBITDA成長至7.75億至8.25億美元。此展望由各事業的價格動能與持續的成本改善所支撐。

As highlighted for the third quarter, continued destocking of our Opteon blends in the aftermarket will impact TSS. But this headwind is expected to be partially offset by strength in TT from pricing and cost improvements as well as APM's operational resilience and demand strength in higher value end markets as the year progresses.

如同第三季所強調，售後市場對我們Opteon混配產品的持續去庫存將影響TSS。但隨著年度推進，此逆風預期將部分由TT在價格與成本改善帶來的強勢表現，以及APM的營運韌性與高價值終端市場需求走強所抵銷。

Capital expenditures are expected to be between $250 million and $280 million for the full year with free cash flow conversion above 25%, reflecting higher earnings and improvements in working capital throughout the year. We also continue to anticipate achieving a net leverage ratio around 3.8 times adjusted EBITDA by the end of 2026, further positioning us toward our longer-term goal of being sustainably below 3 times net leverage.

全年資本支出預期介於2.5億至2.8億美元，自由現金流轉換率高於25%，反映更高的獲利以及全年營運資金的改善。我們也持續預期在2026年底前達成淨槓桿比率約為調整後EBITDA的3.8倍，進一步朝我們長期目標——淨槓桿可持續低於3倍——邁進。

As Denise mentioned, we have continued to prioritize debt repayment using both organic cash flow as well as the proceeds received to date from the Kuan Yin land sale. In the second quarter, we repaid close to $270 million of our 2028 Euro term loan, which represents an additional $103 million beyond what was communicated on our first-quarter call.

如Denise所提到，我們持續優先以有機現金流以及迄今自Kuan Yin土地出售所取得的款項來償還債務。在第二季，我們償還了接近2.7億美元的2028年歐元定期貸款，較我們在第一季電話會議中所溝通的金額再多1.03億美元。

We intend to continue to prioritize debt reduction as a key element of our capital allocation strategy in order to enhance the overall strength of Chemours's balance sheet. This work is fundamental to executing against the four pillars of our Pathway to Thrive strategy and allows us flexibility for the longer-term.

我們打算持續將降債作為資本配置策略的關鍵要素，以提升Chemours資產負債表的整體強度。這項工作是落實我們「Pathway to Thrive」策略四大支柱的基礎，也讓我們在更長期具備更大的彈性。

With that, I'll turn the call back over to Denise for her closing remarks.

接下來，我把電話交回給Denise做結語。

Thank you, Shane. As we close, it's worth taking a step back and recognizing where we are on our journey. We are now roughly halfway through our Pathway to Thrive strategy, which makes this a good moment to reflect on what we've accomplished and just as importantly, where we're headed.

謝謝你，Shane。在結束之前，值得退一步回顧並認清我們在這段旅程中的位置。我們現在大約走完「Pathway to Thrive」策略的一半，這是個很好的時點來反思我們已完成的成果，以及同樣重要的——我們將前往的方向。

Looking back, Pathway to Thrive was never simply a cost, productivity, or restructuring program. We undertook it to strengthen the foundation of Chemours, improve the resilience of the company, and create strategic portfolio options that can maximize value for our shareholders.

回顧過去，「Pathway to Thrive」從來不只是成本、效率或重整計畫。我們推動它，是為了強化Chemours的根基、提升公司的韌性，並創造具策略性的投資組合選項，以最大化股東價值。

As evidenced by our results, we've made significant progress taking decisive actions to strengthen and de-risk our balance sheet while advancing our portfolio transformation. At the same time, we've continued to establish a stronger operating model to the application of lean principles, driving the discipline, capabilities, and culture that will support long-term performance.

從我們的成果可見，我們已取得顯著進展，採取果斷行動強化並降低資產負債表風險，同時推進投資組合轉型。同時，我們也持續透過導入精實原則，建立更強健的營運模式，推動能支撐長期績效的紀律、能力與文化。

The progress is real and it's undeniable, but there is still work ahead. As we move past this halfway point, we will continue to execute with urgency and pursue opportunities that enhance our strategic and portfolio optionality, including transformational partnerships and actions to reshape our existing portfolio.

進展是真實且無可否認的，但前方仍有工作要做。在跨過這個半程點之後，我們將持續以緊迫感執行，並追求能提升我們策略與投資組合選擇權的機會，包括具轉型性的合作夥伴關係，以及重塑既有投資組合的行動。

The work we have done has created a stronger foundation and greater flexibility to act. We will build on that momentum by expanding our strategic choices, strengthening our portfolio and positioning Chemours to deliver greater long-term value for shareholders.

我們已完成的工作，打造了更強的基礎並帶來更大的行動彈性。我們將在此動能之上，擴大策略選擇、強化投資組合，並讓Chemours能為股東創造更高的長期價值。

I want to be clear, no portfolio action is off the table where we see an opportunity to unlock a step change in value creation for our shareholders. Moving forward, what gives me confidence is the trajectory we're creating for Chemours. We have three market-leading businesses, differentiated solutions and solid positions in attractive end markets.

我想說清楚，只要我們看到有機會為股東解鎖價值創造的躍升，任何投資組合行動都不會被排除在外。展望未來，讓我有信心的是我們正在為Chemours打造的發展軌跡。我們擁有三個市場領先的事業、差異化解決方案，以及在具吸引力的終端市場中的穩固地位。

Combined with the progress under Pathway to Thrive, these strengths are creating a stronger foundation and expanding the opportunities ahead of us. Across Chemours, our talented people are embracing new ways of working, building a culture of continuous improvement and bringing a passion to win every day.

再加上「Pathway to Thrive」下的進展，這些優勢正在建立更強的基礎，並擴大我們面前的機會。在Chemours各處，我們優秀的人才正擁抱新的工作方式，建立持續改善的文化，並每天帶著必勝的熱情。

Together, we are creating a company that is stronger, more resilient, and increasingly positioned to have greater strategic optionality. I'm excited about what the future holds. We have more to accomplish, more value to unlock and more opportunities ahead of us than behind us.

我們正共同打造一家更強大、更具韌性，且在策略選擇權上日益到位的公司。我對未來充滿期待。我們還有更多要完成、更多價值要解鎖，且我們面前的機會比身後的更多。

The choices available to Chemours today are meaningfully different than they were when we launched Pathway to Thrive, and I believe the actions we take on our priorities can create substantial value for our shareholders. We look forward to sharing that progress with you as we continue to execute our strategy and realize the full potential of Chemours.

今日Chemours可做的選擇，與我們啟動「Pathway to Thrive」時相比已大不相同；我相信我們在優先事項上採取的行動，能為股東創造可觀價值。我們期待在持續執行策略並實現Chemours全部潛力的過程中，與各位分享這些進展。

In closing, from our core businesses, we are confident that steadfast execution of our strategy can deliver a business with at least $1 billion of annual adjusted EBITDA, free cash flow conversion exceeding 40% while progressively de-risking the balance sheet. These efforts are already driving results today and will create greater financial and strategic flexibility.

最後，基於我們的核心事業，我們有信心只要堅定執行策略，就能打造一家年度調整後EBITDA至少10億美元、自由現金流轉換率超過40%，並同時逐步降低資產負債表風險的企業。這些努力已在今日帶來成果，並將創造更大的財務與策略彈性。

With that, I'd like to open the line for your questions.

接下來，我想開放線路讓各位提問。

(Operator Instructions) Pete Osterland, Truist Securities.

(接線員指示) Pete Osterland，Truist Securities。

So I just wanted to start with the margins implied in the third quarter TSS guide. So the midpoints imply a high-20s margin for third quarter below the 30s that you talked about historically. I guess could you rank order what the drivers are here between mix and input costs, overall cost absorption?

我想先從第三季TSS指引所隱含的毛利率／利潤率談起。以中位數來看，第三季隱含的是接近20%後段的利潤率，低於你們過去談到的30%區間。我想請你們依序說明，這裡的驅動因素在產品組合、投入成本、以及整體成本吸收（cost absorption）之間，哪一項影響最大？

And I guess more broadly, do you expect this margin level to be a one-quarter occurrence with a snapback or is it more likely resetting the baseline here with gradual improvement thereafter?

另外更廣泛地問，你們預期這樣的利潤率水準只是單季現象、之後會快速回升，還是更可能是在此重設基準，之後再逐步改善？

Hey, Peter. Thank you. Yeah, so I appreciate the perspective there. I don't look at the margins sequentially from Q2 to Q3. I kind of look at it compared to prior year. Certainly, we'd be guiding to lower margins. And really, this goes hand in hand with the discussions we had on the script, whereby we're seeing really slower business in the aftermarket, specifically in residential, like commercial and TSS. And that's really a mix attribute. That's really the predominant driver there.

嗨，Peter。謝謝。是的，我理解你提出的觀點。我不會用Q2到Q3的季比來看利潤率。我比較會拿它和去年同期相比。當然，我們的指引確實是較低的利潤率。而這其實與我們在講稿中討論的內容相互呼應：我們看到售後市場的業務確實放緩，特別是在住宅端，像是商用與TSS。而這主要是產品組合（mix）的因素。這是最主要的驅動因素。

As I look ahead, going to your latter point in question of where this is going, seasonally, Q4 margins tend to be a little bit kind of on the downside just given the mix of seasonality of refrigerants versus FP&O. But we still stand behind that this business is a 30%-plus margin business.

展望未來，回到你問題後半段關於走向何處的部分，從季節性來看，由於冷媒相較於 FP&O 的季節性組合影響，第四季毛利率通常會略偏下行。但我們仍然堅持，這項業務是毛利率 30% 以上的業務。

And as we look ahead into '27, we will see some restocking of that aftermarket, which will help mix having that side. But I think more importantly is we're very excited about the market of the aftermarket and this time you see the potential impact they have on the growth, on the actual margins themselves and really see it as a growth business going forward.

而當我們展望到 2027 年，我們將會看到售後市場出現一些補庫存，這將有助於組合朝那一端改善。但我認為更重要的是，我們對售後市場非常興奮；此時你可以看到它對成長、對實際毛利率本身的潛在影響，我們確實把它視為未來的成長型業務。

And I guess just a follow-up on that point on mix. Could you size what proportion of your Opteon sales are made-up by the stationary aftermarket business? And how much are you assuming that business will be down year over year in your third quarter guidance?

我想就組合這點再追問一下。你們的 Opteon 銷售中，有多少比例來自固定式（stationary）售後市場業務？以及在你們第三季指引中，你們假設該業務年對年會下滑多少？

We haven't really talked a lot about the actual sizing of the aftermarket from this perspective. As we think about quantifying how much it's down, last year, you might recall, we had a really sizable sales into the aftermarket given the transition under the AIM Act.

我們其實沒有從這個角度談很多關於售後市場實際規模的問題。至於要量化下滑幅度，去年你可能記得，因為 AIM 法案下的轉換，我們對售後市場有相當可觀的銷售。

We believe from a Q2 and Q3 perspective, there's probably about $65 million of aftermarket sales that realistically, you think about like-for-like, probably should have been allocated to more of this year. It was just more pre-buy given some of the overall inventory constraints in the market that we took advantage of and supplied. So like-for-like, I think if you look at Q2, Q3 comparatively year over year, there's probably about a $65 million balance.

我們認為從第二季與第三季的角度來看，售後市場大概有約 6,500 萬美元的銷售，若以同口徑（like-for-like）來看，合理而言應該更多分配到今年。那主要是因為市場整體庫存受限，我們把握機會提前採購（pre-buy）並供貨。所以若以同口徑比較第二季、第三季的年對年，約有 6,500 萬美元的差額。

Duffy Fischer, Goldman Sachs.

Duffy Fischer，高盛。

Another question on TSS. So with the -- whatever you want to call it, the presales from last year, does that mean that we need the anniversary falling sales from this aftermarket stationery business through the first quarter of next year? Or how long does it take for that to correct before you get back to kind of selling in what you're selling out?

再問一個關於 TSS 的問題。所以，考量到——不管你怎麼稱呼——去年那些預售（presales），是否代表我們需要一路到明年第一季，才會把這個固定式售後市場業務的下滑在同比基期上「跑完」？或者說，要多久才會修正回到大致上「賣進去」與「賣出去」相匹配的狀態？

Thanks for the question. Yeah, I think that's a good way to look at it. I think you should look at this transition, really the transition of the technology over '25 and '26 and then really picking back up in next season and the end of the Q1 of 2027.

謝謝你的問題。是的，我認為這樣看是個不錯的方式。我認為你應該把這個轉換視為——其實是技術在 2025 年與 2026 年間的轉換，然後在下一個旺季、也就是 2027 年第一季末才會真正再度回升。

Okay. And then if we jump to TT, surprisingly, the Chinese exports, given their SOFR costs and stuff like that, have remained quite high year to date. And when you look at collectively, I think the numbers that you guys put up, Kronos and Tronox will put up plus the Chinese, year over year, that supply to the world is running much faster than what the end markets, paint and some other construction stuff seems to be growing.

了解。接著如果我們跳到 TT，令人意外的是，中國出口在今年迄今仍維持相當高的水準，考量到他們的 SOFR 成本之類的因素。而當你把你們公布的數字、Kronos 和 Tronox 的數字再加上中國的供給合在一起看，年對年全球供給增速遠快於終端市場——像是塗料以及其他一些建築相關——看起來的成長速度。

Where is that product going? Was there low inventory, so people are rebuilding inventory? Or how is the production and sales volume of PiO2 kind of running ahead of end consumption in your view?

那些產品都流向哪裡了？是因為庫存偏低，所以大家在回補庫存嗎？或者在你看來，為什麼二氧化鈦（TiO2）的生產與銷售量會跑在終端消費之前？

Thanks for the question. I mean, as we talked about -- we're focused on the fair-trade markets where our customers value what we bring to the table and we're not seeing -- obviously, there were disruptions with the war, and our customers really count on the liability. And what we see is in those fair-trade markets, we see a pretty balanced market and our ability to maintain our share.

謝謝你的問題。我的意思是，正如我們談到的——我們聚焦在公平貿易市場（fair-trade markets），在那裡我們的客戶重視我們帶來的價值；而我們沒有看到——顯然戰爭造成了一些擾動，而我們的客戶非常仰賴供應的可靠性。我們看到的是，在那些公平貿易市場中，市場相當平衡，而我們也有能力維持市占。

[Drew Clotter], Mizuho Securities.

[Drew Clotter]，瑞穗證券。

Let me just check. This is John Roberts. Can you hear me?

我先確認一下。我是 John Roberts。你們聽得到我嗎？

Yes, we can.

可以，我們聽得到。

Okay, thank you. The refrigerants aftermarket is very fragmented, a lot of small service providers. How much visibility do you actually have into the inventory of those small customers?

好的，謝謝。冷媒售後市場非常分散，有很多小型服務商。你們對這些小型客戶的庫存實際上有多少能見度？

Thanks for the question, John. I mean, I guess what I want to say is that we have -- we're market leaders here, right? We have the majority of the share. We feel like we have good visibility into this market. Clearly, as you think about last year, there was mixed signals on what -- from the channel, on what the demand would be this year.

謝謝你的問題，John。我的意思是，我想說的是，我們在這裡是市場領導者，對吧？我們擁有大部分的市占。我們覺得我們對這個市場有良好的能見度。當然，回想去年，通路端對於今年需求會是什麼樣子，確實出現了訊號不一的情況。

I think there's a couple of things that have happened. When we think about this year, Shane mentioned it earlier, as we've gotten into the area, we had a colder spring in the Northeast, which definitely impacts demand. And then the macro environment with the warm -- really affordability concerns with consumers has distributors holding back. So I guess really just high level, we think we have good visibility into the market with our leadership position.

我認為有幾件事發生了。就今年而言，Shane 先前提到，我們進入旺季時，東北部春季偏冷，這確實會影響需求。再加上總體環境——消費者在負擔能力上的疑慮——使得經銷商更為保守、按兵不動。所以總結來說，憑藉我們的領導地位，我們認為對市場有良好的能見度。

And then what's causing the price strength in Freon? Is it something related to the emission allowances or something related to costs?

那 Freon 價格走強的原因是什麼？是與排放配額有關，還是與成本有關？

Hey, John. Yeah, you might have meant you might remember in Q1, we talked a little bit about overall mix shift. This is really into more of the automotive aftermarket and strength there that we've been able to take, that continued into Q2 on that side. So just overall mix shift as where the pricing opportunity is going?

嗨，John。是的，你可能記得我們在第一季談過一些整體組合轉移。這主要是更多轉向汽車售後市場，以及我們在那邊看到的強勁需求，我們也能把握住，這在第二季也延續了。所以就是整體組合轉移，往我們看到有定價機會的地方移動。

Okay, so it's mixed. It's not raising like-for-like prices?

了解，所以是組合因素。不是在同口徑（like-for-like）上調漲價格？

We feel like it's a mix to a higher-priced product that we take an advantage to.

我們認為這是組合轉向較高單價產品，我們也加以把握。

Hassan Ahmed, Alembic Global Advisors.

Hassan Ahmed，Alembic Global Advisors。

Question around your full-year guidance. If I sort of take the midpoint of the Q3 guidance, it seems that you guys are sort of forecasting -- so midpoint obviously being $190 million for Q3. And it seems you guys are guiding to a range of, call it, $170 million to maybe $220 million for Q4. So just trying to understand in an otherwise seasonally weak quarter, that is Q4, what gives you guys the confidence of that sequential step-up from Q3 to Q4 EBITDA?

問題關於你們的全年指引。如果我取第三季指引的中位數，看起來你們是在預測——中位數顯然是第三季 1.90 億美元。而你們對第四季的指引區間看起來大概是 1.70 億到可能 2.20 億美元。所以我想了解的是，在第四季這個季節性偏弱的季度，你們為何有信心 EBITDA 能從第三季到第四季出現環比上升？

Yes, I think your observation is correct that we do anticipate a strong Q4 on the backs of really strength in TT and APM comparatively to the prior quarters, with seasonality still in effect given TSS obviously will have lower volumes in the quarter as well as some slightly lower volumes in TT. So the strength in TT really is on the backs of some pricing; obviously, tailwinds that we're seeing in the market.

是的，我認為你的觀察是正確的：我們確實預期第四季會很強，主要來自 TT 與 APM 相較於前幾季的走強；同時季節性仍然存在，因為 TSS 在該季度的量會較低，TT 也會有些微較低的量。因此，TT 的強勁主要來自一些定價因素；顯然，我們也看到市場上的順風。

But also, we have line of sight into really good cost improvements within TT that we anticipate coming through in the fourth quarter, both on input costs as well as operational. On APM, so you've obviously seen we've had some lighter EBITDA in the first three quarters that we're anticipating compared to where we really would like the business to be.

此外，我們也能清楚看到 TT 將有非常好的成本改善，預期會在第四季反映出來，包括投入成本以及營運面的改善。至於 APM，你們也看到我們在前三季的 EBITDA 相對偏輕，低於我們希望這項業務應有的水準。

Those on the backs of some obviously downtime in our Washington Works facility and related impacts. As we think about Q4, we've talked about how strong the order book is in APM on really great end markets with product mix that is advantageous to us.

其中一部分來自我們華盛頓工廠（Washington Works）設施明顯的停機時間及其相關影響。展望第四季（Q4），我們已談到 APM 的訂單簿非常強勁，終端市場表現出色，且產品組合對我們有利。

So it's that, and then it's also, the first three quarters really were impacted by higher costs that we're seeing in inventory that were coming through, given the absorption related to Washington Works. We're not going to see that in the fourth quarter. So it's a mix of both really strong portfolio in APM as well as improved costs as well as just really good tailwinds in TT.

所以一方面是這些因素，另一方面，前三季確實受到我們在庫存中看到的較高成本影響，這些成本因華盛頓工廠相關的吸收（absorption）而逐步反映出來。第四季我們不會再看到這種情況。因此，這是 APM 非常強勁的產品組合、成本改善，以及 TT 業務非常有利的順風等多重因素的綜合。

Very helpful. And as a follow-up on TT. I mean, can you guys talk a bit about what you guys are seeing on the cost curves? Obviously, we keep hearing about elevated sulfuric acid prices, availability of sulfuric acid being obviously a concern as well.

非常有幫助。另外追問一下 TT。我是說，你們能否談談你們在成本曲線（cost curves）上看到的情況？顯然，我們一直聽到硫酸價格居高不下，而硫酸的供應可得性也顯然是一個擔憂。

So what role is that playing in sort of facilitating some of the price hikes that you guys are implementing? And part and parcel with that, are you guys seeing potential rationalizations or accelerated rationalizations in China on the back of where the cost curves are?

那麼，這在某種程度上對你們正在推動的漲價起到了什麼作用？以及與此相伴的，你們是否看到中國因成本曲線所處位置而出現產能合理化（rationalizations）或加速合理化的可能？

Thanks for the question, Hassan. Yeah, I mean, relative to cost curves, there's no doubt with the input cost of sulfur increasing that that's causing an increase in cost for sulfate-produced TiO2. This trend was actually happening even before the war. So it's only been exacerbated.

謝謝你的問題，Hassan。是的，關於成本曲線，毫無疑問，隨著硫的投入成本上升，硫酸法（sulfate-produced）二氧化鈦（TiO2）的成本也會上升。這個趨勢其實在戰爭之前就已經在發生。所以現在只是被進一步加劇了。

We see that continue -- is that fundamentally -- do we see fundamental rationalization? Not per se, but certainly it's helpful from a pricing standpoint. As I mentioned before, our focus is on fair-trade markets and where we know our customers value, what we provide, and there's less of a. I'll say, competition from a Chinese perspective.

我們看到這種情況仍在持續——那是否會帶來根本性的合理化？不一定，但從定價角度來看，確實是有幫助的。如我之前提到的，我們的重點是公平貿易市場（fair-trade markets），以及我們知道客戶重視我們所提供價值的領域，而且在那裡來自中國的競爭會更少。我可以這麼說，從中國角度的競爭較少。

Josh Spector, UBS.

Josh Spector，瑞銀（UBS）。

I wanted to follow-up on TSS again. Just, I mean, at a high level, I mean, it seems like initially you thought TSS would grow EBITDA by about $50 million. Now your guidance, I'm assuming for the year, is kind of flat to down. So following up on some of the prior questions where you talk about aftermarket visibility and like your position, it just seems like expectations changed quite materially over the last quarter.

我想再追問一次 TSS。只是，從高層次來看，我的意思是，一開始你們似乎認為 TSS 會讓 EBITDA 增加約 5,000 萬美元。但現在你們的指引——我假設是全年——看起來大致持平到下滑。所以延續前面一些問題，你們談到售後市場（aftermarket）的能見度以及你們的定位，但看起來過去一季市場預期出現了相當明顯的變化。

So what surprise to really drive that where, we're talking about a year ago, we should have known this, but now, we're baking that in. It just seems like something more changed under the hood than what your answers implied previously.

那麼，究竟是什麼意外因素驅動了這個變化？因為一年前我們在談這件事時，理應就該知道這些，但現在你們才把它納入假設。這讓人覺得，內部實際發生的變化比你們先前回答所暗示的還要多。

Thanks for the question, Josh. So first of all, there has been -- just want to be clear, there's been a significant change in the market size for this year, right? So when we think about what the volume in the aftermarket was last year versus this year, we see about a 25% drop. So why -- your question is, well, what's changed?

謝謝你的問題，Josh。首先，我想澄清的是，今年的市場規模確實發生了顯著變化，對吧？所以當我們比較去年與今年售後市場的量（volume）時，我們看到大約下滑了 25%。所以你問的是——那到底改變了什麼？

As I said earlier, we were getting signals from the channel about demand this year. As we look -- gotten to the year and we saw what was happening with the colder spring, we did signal that we were starting to see a slower start to the season, maybe the end of the first quarter.

如我先前所說，我們從通路端收到了今年需求的訊號。當我們進入今年並看到較冷的春季所帶來的影響時，我們確實在第一季末左右就釋放訊號，表示我們開始看到旺季開局較慢。

As we started to see that with the full weather as well as the war, it really just thinking about consumer discretion and being able to make choices of whether you put in a new system or you repair, and distributors really not taking a risk on premium products. So it's really something that has evolved, I would say, over the second quarter, and we've adjusted our forecast.

隨著我們看到天候因素以及戰爭的影響，這其實關乎消費者可支配支出（consumer discretion）——也就是消費者是否選擇更換新系統或僅做維修——以及經銷商不願在高端產品上承擔風險。所以我會說，這是在第二季逐步演變出來的情況，而我們也已調整了預測。

Yeah, and I would just tackle on to that, Josh. As I think about where we believed we were going into this year, the TT business has really outperformed where we expected coming into the year. And we thought the balance of the portfolio would help itself, seeing a little bit of a delay in that aftermarket start, but also seeing really price strength in TT maybe offsetting some of that delay.

是的，我也補充一下，Josh。回想我們在今年初的預期，TT 業務的表現其實大幅優於我們年初的預估。我們原本認為，整體產品組合可以自我平衡：即便售後市場開局略有延遲，但 TT 可能展現的強勁價格力道可以抵消部分延遲影響。

Yeah, I mean, the fundamentals are there for this market. I mean, basically, you had a whole markets turnover with the technology transition where you've gone from many suppliers to just two. I think you need to just look at it at 2025, 2026, that's really a transition. It's hard to read those TVs when a technology changes in that way. We feel extremely positive about this business. We have said that this is a GDP+ growth business, when you look at the aftermarket, there's a huge growth platform with high single-digit growth in the coming years.

是的，我的意思是，這個市場的基本面仍然存在。基本上，你經歷了一次因技術轉換而導致的整體市場更迭，供應商從很多家變成只剩兩家。我認為你需要把它放到 2025、2026 年來看，那才是真正的轉換期。當技術以那樣的方式改變時，很難解讀那些總可服務市場（TAM）。我們對這項業務非常有信心。我們也說過，從售後市場來看，這是一個 GDP+ 成長的業務，未來幾年有一個龐大的成長平台，將呈現高個位數成長。

I guess maybe if you could help a little bit. It's just the tone is different between you and your larger competitors that talked about games in the aftermarket mix up in the second half. I mean, this seems more like share shift between one player versus another, maybe in addition to destocking. Can you comment on that? Is there a view about why your mix would be pretty materially different here?

我想也許你可以再幫忙說明一下。只是你們的語氣和你們較大的競爭對手不太一樣；他們談到下半年售後市場組合（aftermarket mix）會有改善。但這看起來更像是某個玩家相對另一個玩家的市占轉移（share shift），也許再加上去庫存（destocking）。你能評論一下嗎？是否有什麼原因會讓你們這裡的組合看起來明顯不同？

Yeah, I mean, first of all, I'm not going to talk about what competitors say and what they do, but all I know is that last year, we had significant share and we were able to supply a market when others were. There's a huge difference in comparatives. If you look at some of the comments that were made, the aftermarket for stationary is viewed as an upside in the second half. That's not something that has occurred to date. So I think there's a different comp that between the two companies.

是的，首先，我不會評論競爭對手說了什麼、做了什麼；但我所知道的是，去年我們有顯著的市占，而且在其他人無法供應市場時，我們能夠供應。可比基期（comparatives）存在很大的差異。如果你看一些已發表的評論，固定式（stationary）售後市場被視為下半年的上行空間。但到目前為止，這種情況並沒有發生。所以我認為兩家公司之間的可比基期不同。

Arun Viswanathan, RBC Capital Markets.

Arun Viswanathan，RBC 資本市場（RBC Capital Markets）。

If I could ask another question on TSS as well, and thanks for the slides on data center use cases, very interesting stuff here. So if you kind of think about TSS when you step back, I think you mentioned $1 billion of EBITDA longer-term.

如果我也能再問一個關於 TSS 的問題，並且謝謝你們提供關於資料中心使用案例的投影片，內容很有意思。所以如果你退一步來看 TSS，我想你提到長期 EBITDA 目標是 10 億美元。

Could you provide us maybe some bridge items to get from, say, $826 million to that $1 billion level? Does that kind of include maybe a couple $100 million from data center by the end of the decade? Or what's kind of the longer-term opportunity as you see it, including the two-phase immersion cooling products that you discussed on those slides as well?

你能否提供一些橋接項目（bridge items），讓我們理解如何從例如 8.26 億美元到達 10 億美元的水準？這是否包含到本十年末，資料中心可能貢獻的數億美元？或者從你們的角度看，包含你們在投影片中討論的兩相浸沒式冷卻（two-phase immersion cooling）產品在內，長期機會大概是什麼樣子？

Thanks, Arun. Yeah, no, we're very excited to say you have that $1 billion target with the 40% free cash flow. As I think about -- you mentioned bridging items, Denise talked about in her script, just excitement around different end markets around just AI infrastructure, whether it be in data centers, semiconductors, advanced electronics.

謝謝，Arun。是的，我們非常興奮能提出 10 億美元目標以及 40% 自由現金流（free cash flow）。至於你提到的——橋接項目，Denise 在她的講稿中談到，我們對不同終端市場感到振奮，特別是 AI 基礎設施相關的領域，不論是在資料中心、半導體或先進電子等。

Right now, it's about 9% of our overall TSS and APM portfolio. We anticipate large growth in those markets ahead of us. And obviously, those are advantaged market positions, so that will be key contributors going forward.

目前，這約占我們整體 TSS 與 APM 投資組合的 9%。我們預期未來這些市場將有大幅成長。而且很明顯，這些都是具優勢的市場地位，因此將會是未來的關鍵貢獻來源。

Other bridge items, we'll continue to execute on pricing across each one of the businesses. And then also, obviously, we're in a little bit of a cyclical downside on certain businesses where it will bring considerable volume in the base business as well.

其他橋接項目方面，我們將持續在各個業務中推進定價執行。另外，很明顯，我們在某些業務上正處於景氣循環下行的一段，這也會在基礎業務中帶來相當可觀的量。

Outside of that, it's really continuing to control what we control. From a cost-out perspective, making sure we're optimizing performance, but we're really excited about Chemours' business systems and the lean principles there too, which really would like more operational reliability, and we believe there's a lot of area there to draw up really efficient costs.

除此之外，重點就是持續把我們能掌控的事情做好。從降本角度來看，確保我們在最佳化績效；同時我們也對 Chemours 的業務系統以及其中的精實原則感到非常振奮，這確實能帶來更高的營運可靠性，我們相信那裡有很大的空間可以導出非常高效率的成本。

I would say, I think I'm equally excited around cash flow characteristics for this business. This quarter, we were above 40% from a free cash flow perspective. We continue to think through opportunities to drive that attributes. As earnings grow, those will grow as well, but we're excited also to work on the balance sheet and unlock further working capital opportunities similar to what we talked about before with some of the high-grade order contracts in TT.

我想說的是，我對這項業務的現金流特性同樣感到非常興奮。本季從自由現金流角度來看，我們超過了 40%。我們持續思考推動這些特性的機會。隨著獲利成長，這些也會一併成長；同時我們也很期待著手改善資產負債表，並釋放更多營運資金機會，類似我們先前談到 TT 中一些高品質訂單合約所帶來的機會。

And maybe to build on that, Arun, when we talk about these high growth areas in AI infrastructure, but we also have to talk about one of the elements is liquid cooling. We put some things in the script. It really gives us a really good indication of the market traction that we're starting to see. And there are upside, so liquid cooling as well as our work in Next Generation Refrigerant, NGR, are upsides to that $1 billion case.

另外也許補充一下，Arun，當我們談到 AI 基礎設施的這些高成長領域時，也必須談到其中一個要素：液冷。我們在講稿裡放了一些內容。這確實讓我們對開始看到的市場牽引力有很好的指標。而且還有上行空間，因此液冷以及我們在下一代冷媒（NGR）上的工作，都是那個 10 億美元情境的上行因素。

Okay, thanks for that. And just again, just kind of from a composition standpoint, would that $1 billion kind of require, maybe mid-cycle assumptions for TTs, saying the annualized run rate of $300 million to $400 million of EBITDA, and then you're thinking maybe $160 million or so for APM and maybe $800 million for CSS, offset by corporate? Or how are you thinking about that $1 billion composition from a segment basis?

好的，謝謝說明。再確認一次，從組成的角度來看，這 10 億美元是否大致需要 TT 以中周期假設來看、年化 EBITDA 約 3 億到 4 億美元，然後 APM 可能約 1.6 億美元、CSS 可能約 8 億美元，再由公司層面抵銷？或者你們是如何從事業部角度思考這 10 億美元的組成？

And then also, as I mentioned earlier, what's kind of the target for that from a timeframe? Is that end of the decade, or is there a line of sight to when you'd achieve that level?

另外，如我先前提到的，這個目標的時間框架大概是什麼？是到本十年末，還是你們對何時能達到該水準已有明確可見度？

Thanks, Arun. Yeah, I really appreciate you kind of mapping that out. I'm not going to get into specifics in regards to each number for the company, but I just reflect and think through, yeah, I mean, I think there's a floor mid-cycle, call it over $400 million for TT. That's going to help get there. I think there's attributes to really build upon APM.

謝謝，Arun。是的，我很感謝你把這些脈絡梳理出來。我不會針對公司每個數字逐一談得太細，但我回頭反思一下，是的，我的意思是，我認為 TT 在中周期的底部水準可說超過 4 億美元。這將有助於達成目標。我認為 APM 也有可進一步發揮的特性。

As we talked about exiting this year, really strengthening the order book and operational resilience, and TSS continues to be really good growth momentum business off to that side. As it relates to timing, I can get into that, but I do believe in the coming years, you'll see us hit these targets.

如我們談到的，隨著今年結束，我們會大幅強化訂單簿與營運韌性，而 TSS 仍然是另一側動能非常好的成長型業務。至於時程，我可以談一些，但我確實相信在未來幾年，你們會看到我們達成這些目標。

And Arun, and just to build on that, for TT, a thing to remember is that there are structural cost changes coming with [ORE and CLIN] that have not yet visible in our earnings.

Arun，再補充一點，對於 TT，要記得的是，[ORE 和 CLIN] 將帶來結構性的成本變化，但這些目前尚未反映在我們的獲利中。

John McNulty, BMO Capital Markets.

BMO 資本市場的 John McNulty。

This is Caleb on for John. So just to follow-up on Josh's question about what's kind of changed since the start of the year, some of your HVAC OEM customers have raised their unit outlooks for the start of the year. So can you just kind of square how they're raising their outlook? But then you're talking about kind of like a slowdown happening. It just kind of like intuitively isn't really making a lot of sense.

我是代替 John 的 Caleb。延續 Josh 關於今年年初以來有哪些變化的問題，你們的一些 HVAC OEM 客戶在年初上調了其出貨量展望。那你能否說明一下，為何他們在上調展望，但你們卻在談到好像出現放緩？直覺上這似乎不太合理。

Yeah. Thanks, Caleb. Yeah, what you have to remember is that our sales are into OEMs for the OEM sales. Our aftermarket sales are actually once the distributors, it's actually the unit is put in operation. So, yeah, I mean, could we see some upside in the fourth quarter? Potentially, but we think it's likely going to be more next year just because of the time difference.

是的。謝謝你，Caleb。你必須記得的是，我們對 OEM 的銷售是配合 OEM 的出貨。而我們的售後市場銷售其實是在經銷商端、也就是設備實際投入運轉之後才會發生。所以，是的，我的意思是，我們第四季會不會看到一些上行？有可能，但我們認為更可能是在明年，主要是因為時間差。

Got you. Okay. And then maybe just on the data center opportunity. Is there a way to frame your content in either like a dollar basis or a kilogram basis for the same data center that would be using single-phase direct-to-ship, two-phase direct-to-ship, and then two-phase immersion cooling?

了解。好的。那再談資料中心的機會，有沒有辦法用同一座資料中心在採用單相 direct-to-ship、兩相 direct-to-ship，以及兩相浸沒式冷卻時，分別用金額或公斤數來框定你們的含量（content）？

Yeah, I mean, just to be clear, liquid cooling has taken off in data centers, right? But it's not two phase. What you see today is the single phase. So there is not any today any share in the commercial market. So that's all upside.

是的，我的意思是，先說清楚，液冷在資料中心確實已經起飛了，對吧？但目前不是兩相。你今天看到的是單相。因此目前在商業市場上還沒有任何市占。所以那全部都是上行空間。

So the thing that we've talked about is that as we think about the AI infrastructure and the things that where we participate today in APM, we have about 40% of our Performance Solutions portfolio is towards that end market. If you look at TSS and APM together, it's high single-digits of the total sales that are in that AI infrastructure space. Anything related to liquid cooling, data centers will be on top of that, and it's part of the robust growth that we see.

我們談到的一點是，當我們思考 AI 基礎設施，以及我們今天在 APM 參與的那些項目時，我們的 Performance Solutions 產品組合中約有 40% 面向該終端市場。如果把 TSS 和 APM 合在一起看，屬於 AI 基礎設施領域的銷售占總銷售額是高個位數百分比。任何與液冷、資料中心相關的部分都會疊加在其上，並且是我們所看到的強勁成長的一部分。

Vincent Andrews, Morgan Stanley.

Morgan Stanley 的 Vincent Andrews。

Sticking with the liquid cooling, Denise, could you just talk about what's your route or routes to market might be in liquid cooling? And just looking sort of at the broader industry structure, there seems to be a lot of consolidation and vertical integration going on there. So would you be a supplier to one of the big integrated folks or would you be selling directly to the data center customer or how would this work?

延續液冷的話題，Denise，你能否談談你們在液冷方面可能採取的市場進入路徑（route 或 routes to market）？另外從更廣泛的產業結構來看，那裡似乎正在發生大量整併與垂直整合。那麼你們會是供應給某個大型整合業者，還是會直接賣給資料中心客戶，或是會如何運作？

Thanks, Vincent. A good question, yeah. I mean, the way this works is, first of all, this is a, as you said, is a complicated value chain, lots of different players. We really have to, I'll say, sell across the value chain. You saw our announcements around Samsung qualification; we're working with other hyperscalers. We have to first kind of get scoped in or spec into the architecture for the design of the data center.

謝謝你，Vincent。好問題，是的。我的意思是，運作方式是，首先，正如你所說，這是一條複雜的價值鏈，有很多不同的參與者。我們必須說，跨整條價值鏈進行銷售。你看到我們宣布 Samsung 認證（qualification）的消息；我們也在與其他超大規模業者（hyperscalers）合作。我們首先必須在資料中心設計的架構中取得範疇定位，或被納入規格（spec in）。

We also work with the OEMs that are putting in equipment similar as we do currently in our refrigeration market. So where will the sales be made? Ultimately, it's going to be really -- the specific sale is going to be to the OEM, but it's going to be pulled through specifications across the across the ecosystem.

我們也與那些正在導入與我們目前在冷凍市場中所使用之類似設備的 OEM 合作。那麼銷售會在哪裡發生？最終，實際的銷售會是賣給 OEM，但會透過整個生態系統中的規格要求而被帶動。

Okay. And then as a follow-up for Shane, I guess kind of a two-part question on free cash flow. One, you were able to actually increase the free cash flow guidance for the year despite the reduction in EBITDA. It sounds like it's some working capital and some other timing issues. Are those going to reverse in '27 and make a harder comp on free cash flow?

好的。接著針對 Shane 的追問，我想是關於自由現金流的兩部分問題。第一，儘管 EBITDA 下修，你們仍能上調今年的自由現金流指引。聽起來是一些營運資金以及其他時點因素。這些會在 2027 年反轉，讓自由現金流的比較基期變得更難嗎？

And then separately, you talked about the long-term goal of 40%. Is there something that limits 40% as the free cash flow conversion level? Is it you're baking it in some potential litigation payments over time or just other contingencies? But what is it that would make 40% the ceiling on free cash flow conversion?

另外，你提到長期目標是 40%。是否有什麼因素限制自由現金流轉換率在 40%？是你們把一些潛在的訴訟付款隨時間納入考量，或是其他或有事項嗎？到底是什麼會讓 40% 成為自由現金流轉換的上限？

So very excited about free cash flow characteristics a year. We continue to really make sure we're prioritizing that cash inflow. Above 25% was the guide for this year. I think as you were asking, is there anything that are one-time oriented in nature?

我們對今年的自由現金流特性非常振奮。我們持續確保把現金流入的優先順序放在最前面。今年的指引是高於 25%。我想你在問的是，是否有任何偏一次性的因素？

We do have some large cars this year on this side, which will help with the overall free cash flow. But at the same point, I think we're very focused into next year and we don't believe we'll take a sizable decline. We are focused really on improving the free cash flow characteristics of this business.

今年我們這邊確實有一些較大的項目，會有助於整體自由現金流。但同時，我們也非常聚焦明年，並不認為自由現金流會出現顯著下滑。我們真正專注的是改善這項業務的自由現金流特性。

As it relates to 40% and areas around, you called it the ceiling. I said -- I would tell you, it's 40%-plus, right, so where we believe we can take this business. Notably, yes, I mean, in that perspective, we will have existing settlements that are paid over multiple periods. For instance, New Jersey is over 25 years on that side. And then we also have, obviously, ongoing environmental and other legal costs that weigh that down.

至於 40% 以及你所稱的上限。值得注意的是，從這個角度來看，我們確實有既有和解金會分多期支付。例如，新澤西那邊是分 25 年支付。此外，我們也有持續的環境與其他法律成本，會對其造成壓力。

But also, you have other areas that are right off the top as far as conversion, whether it be the interest costs that we're paying taxes or obviously the CapEx. So we're mindful of all these areas that are weighing down the free cash flow conversion, and our job is to really focus and improve upon them.

另外，還有一些在轉換率上直接先扣除的項目，例如利息成本、我們支付的稅金，或是資本支出（CapEx）。因此我們會留意所有這些會壓低自由現金流轉換率的因素，而我們的工作就是專注並加以改善。

Aaron Rosenthal, JPM.

Aaron Rosenthal，摩根大通。

Are you willing to elaborate at all on the strategic portfolio comments mentioned just ahead of the Q&A session? Just curious if there was any, maybe an unsolicited inbound from third-party or if there's some sort of momentum on efforts driven by Chemours?

你們是否願意就剛才在問答開始前提到的策略性投資組合評論再多說一些？我只是好奇，是否有任何第三方主動提出的非邀約式接觸，或是 Chemours 推動的相關工作是否出現某種動能？

Hey, Aaron. Thanks for the question. I think first I want to take a step back and say, well, why are we even talking about it? Kind of reflective, right? We're halfway through Pathway to Thrive, and I thought it was a great time to kind of step back and say -- and to talk with our shareholders about why did we develop this strategy?

嗨，Aaron。謝謝你的問題。我想首先我想退一步說，我們為什麼要談這件事？某種程度上是回顧性的，對吧？我們的「Pathway to Thrive」已經走到一半，我覺得這是個很好的時點退一步，並和股東談談：我們為什麼要制定這個策略？

The Pathway to Thrive pillars were designed to solidify the foundation of the company to create optionality for us. So we've improved our balance sheet, de-risking our liabilities, improving our cash flow, growing into high-value applications, improving our operational and commercial performance. So all of these things are what's helping us build to a stronger balance sheet that gives us that optionality.

「Pathway to Thrive」的支柱是為了鞏固公司的基礎，為我們創造更多選擇性。因此我們改善了資產負債表、降低負債風險、提升現金流、在高價值應用上成長，並改善營運與商業表現。所有這些都在幫助我們建立更強健的資產負債表，讓我們擁有那樣的選擇性。

I'm not going to speculate on any specific actions that we're considering or that we would take, but it really is just to explore our shareholders that there's no portfolio action that's off the table that would create that change value for the company. And that really -- the Pathway to Thrive is -- really gets us to the point to be able to do those kind -- make those kind of decisions.

我不會就我們正在考慮或可能採取的任何具體行動做揣測，但重點是向股東說明：任何能為公司創造變革性價值的投資組合行動，都不會被排除在外。而「Pathway to Thrive」確實讓我們走到能夠做出這類決策的階段。

You can see it could be around product lines or assets; it could be strategic partnerships. We've already announced some of those, but it's really about taking a step back, really taking a high-level view of why are we doing Pathway to Thrive and what is it going to accomplish for us?

你可以看到，這可能圍繞產品線或資產；也可能是策略性合作夥伴關係。我們已經宣布過其中一些，但這主要是要退一步、從更高層次來看：我們為什麼要做「Pathway to Thrive」，以及它將為我們達成什麼？

Okay, totally fair. It was a good question. And then maybe just one on APM. Are there any updates on the permitting front side to the Washington Works site? And just curious if there was any lingering uncertainty on that front, maybe how that is baked into guidance from a utilization assumption perspective?

好的，完全合理。這是個好問題。另外再問一個關於 APM 的問題。華盛頓工廠（Washington Works）在許可（permitting）方面有任何更新嗎？也想了解那方面是否仍有任何不確定性，以及從產能利用率假設的角度，這是否已反映在指引中？

Yeah, I mean, we don't have any uncertainty relative to that. I mean, I think it's telling that, as we did the EPA settlement, it was commented by many parties of the importance of that site just for many different applications, critical applications for fluoropolymers when it comes to national security and defense. So we have strong support for operation of that site.

是的，我們在那方面沒有任何不確定性。我想很能說明的是，在我們達成 EPA 和解時，許多方面都提到該廠址的重要性，因為它對於多種不同的應用都很關鍵，尤其是在氟聚合物的關鍵應用上，涉及國家安全與國防。因此我們對該廠址的營運有強力支持。

Okay, just to verify, I think there was a permit expiry in July that was cited in the 10-Q. Has that been resolved?

好的，確認一下，我記得 10-Q 提到 7 月有一項許可到期。那已經解決了嗎？

Yes, it has.

是的，已經解決了。

Thank you. We have reached the end of our question-and-answer session. Thank you for joining the Chemours second-quarter 2026 results conference call. You may now disconnect.

謝謝。我們的問答環節到此結束。感謝各位參加 Chemours 2026 年第二季業績電話會議。各位現在可以掛線。